Unit, the leading banking-as-a-service platform that empowers companies to embed financial services in their products, today announced it has raised a $100 million in a Series C round led by global software investor Insight Partners, with participation from existing investors including Accel, Better Tomorrow Ventures, and Flourish Ventures. New investors Moving Capital and Stepstone also joined the round.

The latest infusion of capital brings total funding raised by Unit to $169.6 million with a valuation of $1.2 billion, establishing the company as the first banking-as-a-service platform to reach unicorn status.

Unit is the leading banking-as-a-service platform that empowers companies to build banking into their products. Unit accelerates time to market and enables companies to launch bank accounts, cards, payment, and lending products in weeks.